New Delhi, Oct. 27 -- An investment of Rs.4.41 lakh in the stock market grew into sale proceeds of more than Rs.92 lakh in just 16 months. However, what appeared to be an extraordinary return turned into a lengthy income tax dispute after the tax department questioned the authenticity of the transactions.

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has now upheld additions of nearly Rs.94.80 lakh to the investor's taxable income, ruling that bank statements, demat records and broker contract notes were insufficient to establish the genuineness of the transactions in the circumstances of the case.

In Sandhya Rakesh Sharma v. Income Tax Officer, ITA No. 7732/MUM/2025, concerning assessment year 2014-15, the Mumbai ITAT di...